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Understanding the Bitcoin ATM: How They Work and Locating One

 

Today, around 46 million Americans own Bitcoin, which is around 17% of the adult population! What seemed to be a thing of the future is quickly becoming the norm, with people using cryptocurrencies left, right, and center.

One reason why Bitcoin’s become so popular is that many vendors accept it. But another is because convenient things like Bitcoin ATMs are springing up too!

So what is a Bitcoin ATM? How do you use one, and how do you even find one? Read on to find out!

What Is a Bitcoin ATM?

A Bitcoin ATM works very similarly to how traditional ATMs do. But the difference is that instead of depositing and withdrawing from an account, you’re buying and selling Bitcoin instead.

Using a Bitcoin ATM is great if you want instant cash from selling your Bitcoin or if you want to use some of your spare cash to buy this crypto. The ATM allows you to get almost instantaneous transactions. The same can’t be said of online transactions, which can span several days.

How Does a Bitcoin ATM Work?

First, you should know that to buy and sell Bitcoin; you need a Bitcoin wallet. So if you don’t already have one, do that first.

To use a Bitcoin ATM, click on the screen to get started. Buying and selling this cryptocurrency will work similarly, but with some small differences.

If you want to buy Bitcoin, select how much in dollars you want to buy. Then, open up your Bitcoin wallet on your phone to generate a QR code. Scan it, and then deposit your cash into the ATM.

Once the machine’s taken your money, you can then click to confirm your purchase. The Bitcoin will be transferred to your wallet, and you’ll get a receipt as proof.

To sell Bitcoin, you’ll click on “sell” and then scan your Bitcoin wallet’s QR code. From there, you can type in how much you wish to sell.

When you confirm the amount, you’ll then get the cash dispensed once the transaction goes through.

Note that with both types of transactions, you’ll be charged Bitcoin ATM fees. Take that into account so you won’t come up short for cash.

How to Find a Bitcoin ATM

Finding a Bitcoin ATM is super easy! All you have to do is search Google for something like “Bitcoin ATM near me,” and the results page will show you all the ones nearby.

If you’re looking for ATMs from specific companies, you can check their website for an ATM locator, such as this one: https://www.bytefederal.com/locations/.

Start Using Bitcoin ATMs Today

Now that you know what a Bitcoin ATM is, how it works, and how to locate one, there’s no excuse to sit out on this action. Bitcoin’s here to stay, so you might as well learn the technology and get in on it while it’s hot!

To read more about cryptocurrencies, make sure you browse more of our blog page!

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